Litecoin might have kick-started a push towards $280 for a 44% return

Cryptocurrencies are once more taking the limelight of traditional currencies. Despite the US NFP report traditionally being hailed as a prime event for currency markets, it is hard for most to understand today’s price action in the EURUSD. Today’s trading in Litecoin is however as straight forward as it can be. 

With the behemoths, Bitcoin, and Ethereum recuperating large parts of their summer losses, coins such as Litecoin have been lagging, but this looks to change starting from today. 

Earlier today, the Litecoin price triggered a double top pattern or a cup and handle pattern. The vital level to watch was the June 4 and August 23 highs at approximately $194.29. While the two highs did not align perfectly, the price action following the break to $194.29 shows that this level was significant. The two chart patterns, which share the same price objective of $280.82, will now remain in play as long as the LTCUSD trades above today’s low of $178.93. 

For traders that bought LTCUSD at the breakout point at $194.29, the risk-reward ratio is 5.52, or an upside of 44% and a downside of 8%. Traders that did not buy already will need to wait for a correction toward the breakout unless they would like to trade at a lower risk-reward ratio. 

Other coins showing a similar pattern but still have not been triggered are BSVUSD, BATUSD and VETUSD. A breakout in these pairs might happen as early as today, but more likely this weekend. 

LTCUSD Daily Chart

High-risk investment warning: Trading Foreign Exchange (Forex) and Contracts for Differences (CFDs) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin. Any opinions, news, research, analysis, prices or other information contained in this presentation is provided as general market commentary and does not constitute investment advice.

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